GOLD ISSUE

Vice President of the Central Bank Vache Gabrielyan made clarifications regarding the circulated misinformation about selling Armenia’s gold resources.
He underscored that the decision on not keeping gold in the stores of Armenia’s Central Bank has been made still in 1994 and that is why in the years to come all the gold has been withdrawn from Armenia.
Based on the logic of market, in 2003, a decision was made to change the prices expressed in gold into pound.
“If we look for the assessment of press and authorized structures of those times, you will see that none of them has previewed similar growth of gold prices. At that time the income expressed by gold fluctuated between 0,1-0,25% and pound – 3,5%. This deal was very profitable. It brought 2 billion 300 million dram’s profit.” V. Gabrielyan underscored.
He said that the government is accused of not performing this deal in 2008, because in that case the profit would have been more. The Vice President of the Central Bank offers to make judgments regarding the gold trade based on the information of the certain period of time, to understand whether or not it was rational. “It was really rational. Had you known that the price of the house you sold in 1997 was going to raise 10 times, would you sell your house by that price.” V. Gabrielyan asked.

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